Guideline Value for Srinivasa Perumal Kovil 1st Lane

Srinivasa Perumal Kovil 1st Lane guideline value

The current guideline value of Srinivasa Perumal Kovil 1st Lane is Rs 1,900 per sq.ft, effective from 1 July 2024. This street is located in Erukancherry village under the Madhavaram SRO and is classified as Residential Class V Type - I.

How the guideline value of Srinivasa Perumal Kovil 1st Lane has changed

The guideline value for Srinivasa Perumal Kovil 1st Lane has experienced several revisions over the years. The 2012 revision set the value at Rs 1,800 per sq.ft, which was later reduced to Rs 1,206 per sq.ft in the 2017 revision. Following this, the value increased to Rs 1,800 per sq.ft in the 2023 revision, and finally, it rose to Rs 1,900 per sq.ft in the 2024 revision. Notably, there are no figures available for the years 2002, 2003, and 2007 in the register for this street.

Between the revisions, there have been significant changes. From 2012 to 2017, the guideline value decreased by 33%. However, from 2017 to 2023, it saw a substantial increase of 49%. The latest change from 2023 to 2024 reflects a 6% increase, resulting in an overall change of 6% from 2012 to 2024.

Guideline values in Erukancherry

In Erukancherry, the guideline values for 376 streets under the Madhavaram SRO range from Rs 1,900 to Rs 3,800 per sq.ft, with a median value of Rs 2,500 per sq.ft. The guideline value for Srinivasa Perumal Kovil 1st Lane is below this median.

• Srinivasa Perumal Kovil 2nd Lane: Rs 1,900 per sq.ft (2024)
• Srinivasa Perumal Kovil 3rd Lane: Rs 1,900 per sq.ft (2024)
• Srinivasa Perumal Kovil Street: Rs 1,900 per sq.ft (2024)
• Srinivasan Street (Krishnamoorthy Nagar): Rs 2,200 per sq.ft (2024)
• Srinivasan Street: Rs 2,200 per sq.ft (2024)
• St. Andrews Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Srinivasa Perumal Kovil 1st Lane

For a 1,000 sq.ft plot at the current guideline value of Rs 1,900 per sq.ft, the total guideline value would be Rs 19,00,000. The stamp duty at 7% would amount to Rs 1,33,000, and the registration fee at 2% would be Rs 38,000, bringing the total fees to Rs 1,71,000. It is important to note that duty is charged on the higher of the guideline value or the sale price.

For more information on calculating fees, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Srinivasa Perumal Kovil 1st Lane?

The Sub Registrar Office that covers Srinivasa Perumal Kovil 1st Lane is the Madhavaram Sub Registrar Office, located at No.7, Roja Nagar, Madhavaram, Chennai-600060. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Erukancherry

The guideline value is a crucial factor when registering property transactions in Erukancherry. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duties and registration fees.

When buying or selling property, the guideline value helps both parties understand the fair value of the property. It is essential for buyers to be aware of the guideline value to avoid overpaying and for sellers to set competitive prices that align with the official valuation.

Frequently asked questions

What is the current guideline value of Srinivasa Perumal Kovil 1st Lane?

The current guideline value of Srinivasa Perumal Kovil 1st Lane is Rs 1,900 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 1,800 per sq.ft in 2012 to Rs 1,206 per sq.ft in 2017, then increased to Rs 1,800 per sq.ft in 2023, and finally to Rs 1,900 per sq.ft in 2024.

What are the other streets in Erukancherry with similar guideline values?

Other streets in Erukancherry with a guideline value of Rs 1,900 per sq.ft include Srinivasa Perumal Kovil 2nd Lane, Srinivasa Perumal Kovil 3rd Lane, and Srinivasa Perumal Kovil Street.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 19,00,000, the stamp duty would be Rs 1,33,000 and the registration fee would be Rs 38,000, totaling Rs 1,71,000.

Which office handles property registrations in this area?

The Madhavaram Sub Registrar Office handles property registrations for Srinivasa Perumal Kovil 1st Lane, located at No.7, Roja Nagar, Madhavaram, Chennai-600060.